LONDON (Alliance News) - Highcroft Investments PLC Monday said its property-owning subsidiary Rodenhurst Estates Ltd has agreed the sale of one of its properties at auction for GBP1.1 million.
The investment company said the price achieved for the property exceeded its December 2014 valuation of GBP950,000. It said it expects contracts to be completed within six weeks.
The property, located in Warrington, consists of a purpose-built public house which is let to JD Wetherspoon PLC and an adjacent retail shop which is let to Cash Converters UK.
Highcroft intends to use the proceeds for further investments.
"This disposal achieved a good yield, in excess of the most recent valuations. It will enable the group to continue to deliver on its strategy of gradually changing the shape of its property portfolio to enhance yields, improve the portfolio balance and increase the average lot size, concentrating on more attractive assets with good long-term income, secured against strong covenants and where we believe there to be good growth prospects,'' Chief Executive Simon Gill said in a statement.
Shares in Highcroft were trading down 4.7% at 953.00 pence Monday afternoon.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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